As a presidential candidate in 2008, Barack Obama announced an immense stimulus package proposal of $175 billion. After taking office, President Obama is now considering a much larger proposal package that could exceed $500 billion. There are a few stipulations in this proposal that President Obama has considered in past proposals that could directly affect whether or not you receive a stimulus check. Some of the proposals that President Obama is considering are:
- Postpone income tax and penalties on premature withdrawals from IRA and 401(k) accounts.
- Allow a tax credit of $3,000 to a company for every new full-time member of the staff hired in the United States.
- Repeal tax cuts initiated by former President Bush that affected people making more than $250,000 a year.
- Expand the unemployment benefit time period by a number of weeks.
- Suspend income taxes on unemployment benefits.
- Necessitate a 90-day deferral on foreclosures for homeowners.
These stimulus package proposals may have an Inflationary consequence, and thus raise the Consumer Price Index, Producer Price Index, Personal Consumption Expenditures, and average hourly earnings. With this said, inflation is expected to occur. Typically when our economy is in an inflationary environment, interest rates do indeed rise.
If you are looking to purchase a new home or refinance your current home or investment property to a lower interest rate, or perhaps refinance to a fixed interest rate, now may be the time to do it.
Please call me at 1-800-585-6886 and ask for Rachel or email me at rachel at lonestarfinancing dot com. I will be happy to show you the different options you have regarding your home mortgage loan or home refinancing alternatives.
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